EXCEL BF 110 LLP

💤Zombieactive
SO300236 · llp · incorporated 2003-05-28
Investment thesis
Zombie company — trading but stalled; unlikely mover.
Why interesting: Quiet, steady; could be a succession or carve-out candidate with the right conversation.
Why risky: No growth signal; thin margin for error on price.
🔒Estimated value
—
Upgrade to see
Turnover
—
year to Dec 2024
Net worth
£1.23M
book net assets
Opportunity
66/100
Strong
🔔
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Investor take
Pursue
Active trading company. Reasonable fundamentals — worth a memo before deciding.

Opportunity 66/100 (strong), bankability 57/100. Biggest value-creation lever: Consolidate lender relationships. 3 distinct lenders creates friction — refinance into single-lender structure for cleaner diligence. Most likely exit: share sale to pe / searcher (58/100).

🏦

Refinance opportunity

9 live charges · 3 lenders · oldest 22.9y

15/100
under pressure

Refinance would be pressure-driven, not opportunity-driven. Expect tighter margins and covenant scrutiny.

  • · Oldest live charge is 22.9 years old — likely at or near maturity.
  • · 3 lenders named — inter-creditor friction likely.
  • · Distress signals active — lender appetite narrows.

Data confidence

Overall: medium (76/100)

Adequate coverage. AI outputs are reliable for the sections scored high; verify the rest in diligence.

Company profile
address, no SIC, incorporation date
80
Financials
2 years of iXBRL accounts extracted (YoY deltas available) + narrative notes parsed
75
Lenders & charges
9 charges (9/9 with lender, 9/9 with type)
90
Directors & officers
10 officers (2 active, 10 linked, 6 with DOB)
82
Ownership & PSC
1 active PSC(s) of 1 total, 1 with control declared
90
Director network
Network not yet resolved
30
Filing history
73 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
66/100Strong
PassWatchWorth a lookStrongExceptional 

Solid opportunity signal. Worth a dedicated memo and management meeting.

Business quality
60
Adequate — check latest filings for context.
Acquirability
50
Some acquirability indicators.
Risk profile
74
Few red flags.
Signal strength
90
Good data coverage for analysis.

Signals from accounts

Derived from iXBRL accounts · FRS 102
Positive net assets
Net assets £1,232,805
Cash YoY
-21%
Year on year

Key financials

2 years extracted from filed iXBRL accounts
Cash
£30k
↓ 21% YoY
Net Worth
£1.2m
~ YoY
Current Assets
£59k
↑ 14% YoY
Current Liabilities
—
£0£247k£493k£740k£986k£1.2mDec 2023Dec 2024

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · FRS 102
Metric2024-12-312023-12-31
Total assets£2.80M£2.91M
Current assets£59.0k£51.8k
Cash£29.7k£37.7k
Debtors£29.3k£14.2k
Net assets£1.23M£1.22M

Amounts extracted automatically from iXBRL. Fields left blank were not reported or not mapped. Values in GBP unless stated.

🔒Filing-note intelligence

1 signal detected in this company's narrative notes — going-concern language, audit opinion, contingent liabilities, related-party transactions.

Available from the Pro tier upwards.

See pricing →

Recent activity

Last 30 days
0
filings
Last 90 days
0
filings
Last 180 days
0
filings
Counts from Companies House filing history.
Corporate timeline (55 events)Click to expand
  1. 2025-09-26
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  2. 2025-05-27
    📄
    confirmation-statement-with-no-updates
    confirmation-statement · LLCS01
  3. 2024-09-26
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  4. 2024-05-23
    📄
    confirmation-statement-with-no-updates
    confirmation-statement · LLCS01
  5. 2023-11-27
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date-limited-liability-partnership
    mortgage · LLMR01
  6. 2023-11-27
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date-limited-liability-partnership
    mortgage · LLMR01
  7. 2023-11-21
    🔒
    Charge registered #9
    Lender: Clydesdale Bank PLC (Trading as Virgin Money)
  8. 2023-11-21
    🔒
    Charge registered #8
    Lender: Clydesdale Bank PLC (Trading as Virgin Money)
  9. 2023-11-07
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date-limited-liability-partnership
    mortgage · LLMR01
  10. 2023-10-31
    🔒
    Charge registered #7
    Lender: Clydesdale Bank PLC
  11. 2023-09-20
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  12. 2023-05-23
    📄
    confirmation-statement-with-no-updates
    confirmation-statement · LLCS01
  13. 2022-09-23
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  14. 2022-05-24
    📄
    confirmation-statement-with-no-updates
    confirmation-statement · LLCS01
  15. 2022-05-24
    📄
    change-to-a-person-with-significant-control-limited-liability-partnership
    persons-with-significant-control · LLPSC05
  16. 2022-03-10
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  17. 2021-05-26
    📄
    confirmation-statement-with-no-updates
    confirmation-statement · LLCS01
  18. 2021-03-31
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  19. 2020-06-02
    📄
    confirmation-statement-with-no-updates
    confirmation-statement · LLCS01
  20. 2020-04-07
    📄
    change-corporate-member-limited-liability-partnership-with-name-change-date
    officers · LLCH02
  21. 2019-11-08
    📄
    change-corporate-member-limited-liability-partnership-with-name-change-date
    officers · LLCH02
  22. 2019-11-08
    📄
    change-to-a-person-with-significant-control-limited-liability-partnership
    persons-with-significant-control · LLPSC05
  23. 2019-09-30
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  24. 2019-05-28
    📄
    confirmation-statement-with-no-updates
    confirmation-statement · LLCS01
  25. 2018-09-20
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  26. 2018-06-08
    📄
    confirmation-statement-with-no-updates
    confirmation-statement · LLCS01
  27. 2018-06-08
    📄
    termination-member-limited-liability-partnership-with-name-termination-date
    officers · LLTM01
  28. 2018-05-15
    ➖
    J & B WATT LIMITED resigned
    corporate-llp-designated-member
  29. 2017-09-27
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  30. 2017-07-01
    ➖
    J & E WATT LIMITED resigned
    corporate-llp-designated-member
  31. 2010-06-02
    🔒
    Charge registered #6
    Lender: Clydesdale Bank PLC
  32. 2010-02-04
    🔓
    Charge satisfied #1
  33. 2009-12-24
    🔓
    Charge satisfied #2
  34. 2009-09-25
    🔒
    Charge registered #5
    Lender: Clydesdale Bank PLC
  35. 2009-08-25
    🔒
    Charge registered #4
    Lender: Clydesdale Bank PLC
  36. 2009-07-07
    🔒
    Charge registered #3
    Lender: Clydesdale Bank PLC
  37. 2006-01-01
    ➕
    D & R WATT LIMITED appointed
    corporate-llp-designated-member
  38. 2006-01-01
    ➖
    WATT, Derek resigned
    llp-designated-member
  39. 2006-01-01
    ➖
    WATT JUNIOR, John resigned
    llp-designated-member
  40. 2006-01-01
    ➕
    J & B WATT LIMITED appointed
    corporate-llp-designated-member
  41. 2006-01-01
    ➕
    J & E WATT LIMITED appointed
    corporate-llp-designated-member
  42. 2006-01-01
    ➖
    WATT, Barbara resigned
    llp-member
  43. 2006-01-01
    ➖
    WATT, Elizabeth resigned
    llp-member
  44. 2006-01-01
    ➖
    WATT, Ruth Jane resigned
    llp-member
  45. 2006-01-01
    ➖
    WATT SENIOR, John resigned
    llp-member
  46. 2004-02-03
    🔒
    Charge registered #2
    Lender: The Governor and Company of the Bank of Scotland
  47. 2003-06-17
    🔒
    Charge registered #1
    Lender: The Governor and Company of the Bank of Scotland
  48. 2003-05-28
    🏢
    Company incorporated
    As EXCEL BF 110 LLP
  49. 2003-05-28
    ➕
    CALEY FISHERIES LIMITED appointed
    corporate-llp-member
  50. 2003-05-28
    ➕
    WATT, Derek appointed
    llp-designated-member
Showing most recent 50 of 55 events

Owner dependency

50/100
Moderate — manageable with handover

Some founder dependency, but not acute. A structured handover period should cover most risk.

Succession & seller-readiness

40/100
Moderate signal

Some succession indicators present. Worth watching; approach if sector/strategy fits.

SIGNALS
  • secondaryStable-but-static management: Company is 23 years old and no new directors in the last 3 years — succession not yet being planned internally.

Red flags

1 med · 1 low
Charge satisfaction-then-recreation pattern
medium

Multiple instances where a charge was satisfied and a new charge created within 6 months. Suggests active refinancing cycle.

7 live charges
low

Heavily leveraged with multiple live security positions — understand the capital structure before proceeding.

Group structure

D & R Watt Limited is the ultimate parent — holding 75%+ shares. This company sits inside their group.

🏛️
D & R Watt Limited
Corporate parent
⬇
EXCEL BF 110 LLP
This company · SO300236

Parent relationships inferred from Persons with Significant Control filings. Full subsidiary tree requires reverse-lookup (coming).

Shareholders & ownership

1 active beneficial owner · dominant holder ≥75%
NameSharesVoting rightsNature of controlNotified
D & R Watt Limited
Corporate entity
—75–100%75-100% voting · firm interest06/04/2016

From Companies House Persons with Significant Control filings. Share ranges are banded per the public PSC regime.

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Peers ranked by estimated value, then turnover, then opportunity score.See all →
🔒Tailored diligence questions

7 specific questions generated from this company's actual signals — liquidity, leverage, director age, charge count, red flags, age-of-company.

Available from the Pro tier upwards.

See pricing →
🔒Advanced scoring suite

Exit-route ranking, improvement thesis, quiet-distress detector, covenant-pressure proxy, extraction monitor, approaching triggers, ownership drift, local cluster, value trap, debt capacity, archetype classification — 48+ scoring modules.

Available from the Pro tier upwards.

See pricing →

Company details

Statusactive
Typellp
Incorporated2003-05-28
Jurisdictionscotland
Primary SIC—

Registered office

1 Dalrymple Street
Fraserburgh
AB43 9BH

Filing status

Accounts
Next due: 2026-09-30
Last made up to: 2024-12-31
Confirmation statement
Next due: 2026-06-06
Last: 2025-05-23

Officers (2 active · 8 resigned)

D & R WATT LIMITED→
corporate-llp-designated-member · appointed 2006-01-01
View their other companies + combined net worth →
Active
CALEY FISHERIES LIMITED→
corporate-llp-member · appointed 2003-05-28
View their other companies + combined net worth →
Active
WATT, Derek→
llp-designated-member · ~58y · appointed 2003-05-28 · resigned 2006-01-01
Resigned
WATT JUNIOR, John→
llp-designated-member · ~55y · appointed 2003-05-28 · resigned 2006-01-01
Resigned
J & B WATT LIMITED→
corporate-llp-designated-member · appointed 2006-01-01 · resigned 2018-05-15
Resigned
J & E WATT LIMITED→
corporate-llp-designated-member · appointed 2006-01-01 · resigned 2017-07-01
Resigned
WATT, Barbara→
llp-member · ~78y · appointed 2003-05-28 · resigned 2006-01-01
Resigned
WATT, Elizabeth→
llp-member · ~53y · appointed 2003-05-28 · resigned 2006-01-01
Resigned
WATT, Ruth Jane→
llp-member · ~58y · appointed 2003-05-28 · resigned 2006-01-01
Resigned
WATT SENIOR, John→
llp-member · ~82y · appointed 2003-05-28 · resigned 2006-01-01
Resigned

Click a director name to see their full track record across all companies.

Mortgages & charges

9
Total charges
7
Outstanding
1
Active lenders
Status:Lender:9 of 9 shown
TypeProperties
outstanding
Virgin Money
Clydesdale Bank PLC (Trading as Virgin Money)
A registered charge—21/11/2023—
outstanding
Virgin Money
Clydesdale Bank PLC (Trading as Virgin Money)
A registered charge6 properties21/11/2023—
outstanding
Virgin Money
Clydesdale Bank PLC
A registered charge1 property31/10/2023—
outstanding
Virgin Money
Clydesdale Bank PLC
Mortgage of a ship1 property02/06/2010—
outstanding
Virgin Money
Clydesdale Bank PLC
Deed of undertakings1 property25/09/2009—
part-satisfied
Virgin Money
Clydesdale Bank PLC
Mortgage of a ship1 property25/08/2009—
outstanding
Virgin Money
Clydesdale Bank PLC
Floating charge1 property07/07/2009—
satisfied
Lloyds Banking Group
The Governor and Company of the Bank of Scotland
Ship mortgage1 property03/02/200424/12/2009
satisfied
Lloyds Banking Group
The Governor and Company of the Bank of Scotland
Floating charge1 property17/06/200304/02/2010
Click column headers to sort. Use filters above to narrow by status and lender.

Recent filings (73 total)

accounts-with-accounts-type-total-exemption-full
accounts · AA
2025-09-26
confirmation-statement-with-no-updates
confirmation-statement · LLCS01
2025-05-27
accounts-with-accounts-type-total-exemption-full
accounts · AA
2024-09-26
confirmation-statement-with-no-updates
confirmation-statement · LLCS01
2024-05-23
mortgage-create-with-deed-with-charge-number-charge-creation-date-limited-liability-partnership
mortgage · LLMR01
2023-11-27
mortgage-create-with-deed-with-charge-number-charge-creation-date-limited-liability-partnership
mortgage · LLMR01
2023-11-27
mortgage-create-with-deed-with-charge-number-charge-creation-date-limited-liability-partnership
mortgage · LLMR01
2023-11-07
accounts-with-accounts-type-total-exemption-full
accounts · AA
2023-09-20
confirmation-statement-with-no-updates
confirmation-statement · LLCS01
2023-05-23
accounts-with-accounts-type-total-exemption-full
accounts · AA
2022-09-23
confirmation-statement-with-no-updates
confirmation-statement · LLCS01
2022-05-24
change-to-a-person-with-significant-control-limited-liability-partnership
persons-with-significant-control · LLPSC05
2022-05-24
accounts-with-accounts-type-total-exemption-full
accounts · AA
2022-03-10
confirmation-statement-with-no-updates
confirmation-statement · LLCS01
2021-05-26
accounts-with-accounts-type-total-exemption-full
accounts · AA
2021-03-31